When businesses fail, learn the lessons and re-ignite the dream
Starting a business these days has never been so easy…or so risky. In this harsh economic environment, four out of five start-ups – that’s a staggering 80% – end in failure. The BBC (http://news.bbc.co.uk/1/hi/business/7759207.stm) lists the ‘five deadly sins’ that lead to business failure. Writing in Small Biz Trends, Scott Shane http://smallbiztrends.com/2008/04/startup-failure-rates.html presents some pretty depressing figures. However, it is not just about statistics. Business failure can be a long road of heartache and heartbreak.
Let us not forget that people invest not only their money but also things of greater value: their dreams, their relationships and their beliefs in a business. Money can be replaced, but the emotional effects of grief and diminished spirits can be more difficult to overcome. It is important to first recognise after a business fails that you are in grief so you can move forward from denial to anger through to acceptance and gain new perspective.
Obviously, you can’t grieve forever. Remember that old saying: “what does not kill you…?” It really does make you stronger. You can’t change the past, so it’s best to work on what you can change, namely the present. It goes without saying that you cannot move forward if you are constantly looking back. http://wisdomalacarte.net/blog/positive-strategies-to-conquer-any-challenge/2011/08/
It may feel like a heartbreak that cannot mend, but allow yourself to feel the pain and learn the lessons! Evette Gardner wrote about getting past difficult experiences http://www.yourdivineinheritance.com/Articles/Learning_the_Lesson.pdf.
The business may have failed but you have not. If you find the courage to work through the grief and maintain your spirits, with your new experience, perspective and knowledge you will reap the benefits and can ignite your dreams again. Sometimes, businesses are only meant to take you as far as the lesson, so learn it, use the experience gained to go on to bigger and better things!
Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.